金融学院知识库

随着我国经济持续高速增长，我国的金融体系也得到了迅猛发展。中国已经成为世界第二大经济体，然而经济高速增长的背后，却付出了巨大的环境代价。如何做到发展好经济的同时保护好环境，已经成为我国当前转变经济发展方式、实现经济高质量增长所需解决的棘手问题。近年来，党中央和国务院对推进绿色可持续发展和加快绿色技术创新工作做出了一系列重大决策部署。习近平总书记在党的二十大报告中指出，要狠抓绿色低碳技术攻关，加快先进适用的绿色技术研发和推广。绿色技术创新是推动经济发展方式转变、实现绿色可持续发展的核心动力，也是我国实现“碳达峰”“碳中和”的重要保障。然而，企业绿色技术创新的研发可能会遇到一系列困难和风险。数字金融的出现为企业绿色技术创新发展提供了有力支持。同时，数字金融可以通过扩大金融服务的覆盖面和渗透率，有效推动经济发展方式的转型升级。

本文从理论层面分析了数字金融对重污染企业绿色技术创新的影响机制，选取2011-2020年A股上市重污染企业数据，运用Tobit模型进行了实证检验。实证结果表明：（1）数字金融显著增强了重污染企业的绿色技术创新；（2）融资约束和财务风险在数字金融助力重污染企业绿色技术创新过程中发挥中介作用；（3）环境规制和公司治理会正向调节数字金融对重污染企业绿色技术创新的影响；（4）与国有企业相比，数字金融对非国有重污染企业绿色技术创新的促进作用更明显。结合实证研究结论，本文提出：加快构建数字金融体系、实施合理适度的环境规制、健全公司治理体系、激发企业绿色技术创新活力等建议，为重污染企业绿色转型创造有利条件。

With the sustained and rapid growth of China's economy, China's financial system has also undergone rapid development. China has become the world's second largest economy, but behind its rapid economic growth, it has paid a huge environmental price. How to develop the economy while protecting the environment has become a thorny issue that needs to be resolved in China's current transformation of economic development patterns and the realization of high-quality economic growth. In recent years, the Party Central Committee and the State Council have made a series of major decisions and arrangements to promote green sustainable development and accelerate green technological innovation. Green technological innovation is the core driving force for promoting the transformation of economic development patterns and achieving green and sustainable development, as well as an important guarantee for achieving "carbon peak" and "carbon neutral" in China. However, the research and development of green technology innovation in enterprises may encounter a series of difficulties and risks. The emergence of digital finance has provided strong support for the development of green technology innovation in enterprises.At the same time, digital finance can effectively promote the transformation and upgrading of economic development patterns by expanding the coverage and penetration of financial services.

This article analyzes the impact mechanism of digital finance on green technology innovation of heavily polluting enterprises from a theoretical perspective. It selects data from heavily polluting enterprises listed on A-share markets from 2011 to 2020 and conducts an empirical test using Tobit model. The empirical results show that: (1) Digital finance significantly enhances the green technology innovation of heavily polluting enterprises; (2) Financing constraints and financial risks play an intermediary role in the process of digital finance assisting heavily polluting enterprises in green technology innovation; (3) Environmental regulation and corporate governance will positively regulate the impact of digital finance on green technology innovation of heavily polluting enterprises; (4) Compared with state-owned enterprises, digital finance has a more significant role in promoting green technology innovation in non-state heavy pollution enterprises. Based on the conclusions of empirical research, this article proposes suggestions such as accelerating the construction of a digital financial system, implementing reasonable and appropriate environmental regulations, improving the corporate governance system, and stimulating the vitality of green technology innovation in enterprises to create favorable conditions for the green transformation of heavily polluting enterprises.